Mankun Technology: Thailand PCB plant to begin phased production in 2027, targeting AI server power supplies

Shanghai, September 17 (Shanghai Securities News / China Securities Network) — Mankun Technology (301132) is gradually advancing infrastructure construction at its Thailand plant and plans to upgrade and expand the facility, according to institutional investor research meeting minutes disclosed by the company on the evening of September 17.

The Thailand plant is expected to commence phased production starting in 2027. The facility is designed to meet customer demand for high-layer-count printed circuit boards (PCBs) used in AI server power supplies, improve the company's overseas production base layout, and strengthen its core competitiveness.

AI Server Power Supply Segment Drives Growth

Benefiting from explosive growth in AI computing power demand, AI server power supplies (AC/DC) — a core incremental segment in the power component market — are demonstrating strong growth trends. Mankun Technology has deeply cultivated the high-layer-count PCB field for AI server power supplies in recent years, with business volumes continuing to rise.

The company has already achieved mass production and stable delivery of high-layer-count PCB products for power supplies in the following specifications:

• 3,300W
• 4,200W
• 5,500W

Full-capacity operation of the Thailand plant will further support the company's ability to undertake orders. Mankun Technology stated it will actively seize opportunities presented by AI industry development, continue to delve into the product needs of leading customers, and constantly expand mid-to-high-end AI server power supply PCB orders.

Automotive Electronics as Strategic Focus

Automotive electronics (885545) is also a key focus area in the company's strategic market positioning and constitutes one of its core fundamental businesses. Focusing on high-value-added core hardware for vehicles, Mankun Technology has built a comprehensive matrix of high-end PCB products covering the following scenarios:

• Vehicle powertrain control
• Millimeter-wave radar (886035)
• Charging and distribution systems
• Battery management systems (BMS)
• Body electronic controls
• Vehicle thermal management
• Smart cockpits (886059)
• Communication and connectivity systems
• Advanced driver assistance system (ADAS) domain controllers

The company's three-step HDI automotive domain controller boards have secured important designated projects, which will continuously consolidate its technological positioning in high-end automotive PCBs and deepen expansion into high-value business areas.

Leveraging core technological advantages, mature quality control systems, and large-scale delivery capabilities, Mankun Technology maintains long-term stable cooperative relationships with top domestic and international Tier 1 automotive electronics (885545) customers. The company will continue to secure new project orders, accelerate the scaling up of high-order HDI automotive products, and persistently expand its market share in the automotive electronics sector.

Convertible Bond Proceeds for Key Projects

The proceeds from the company's issuance of convertible bonds are intended to be invested in:

• The "Thailand High-End Printed Circuit Board (884092) Production Base Project"
• The "Intelligentization and Digital Transformation Upgrade Project"

(Huangpujiang)